TMS Capital

TMS Capital constructs concentrated portfolios of 15 to 25 Australian-listed equities for each client on a separately managed account basis. The firm buys the shares directly in each client's name rather than pooling assets into a unit trust. This gives each client full control over tax events, portfolio composition, and liquidity. Stock selection is driven by in-house fundamental research, favoring companies with durable competitive advantages and strong balance sheets.

No. TMS Capital explicitly avoids pooled structures. Each client's portfolio is a separate legal entity holding direct shares. The firm believes this creates better tax outcomes because clients can realize gains or losses at the portfolio level rather than having tax events forced on them by the redemption activity of other investors. It also means clients can restrict certain securities or sectors from their portfolios.

The firm works with high-net-worth individuals, family groups, and self-managed superannuation funds. TMS Capital targets clients who want active management of an Australian equity portfolio and are comfortable with a concentrated, benchmark-agnostic approach. The firm does not offer retail managed funds or mass-market investment products.

TMS Capital seeks to own quality Australian companies with sustainable competitive advantages, strong management teams, and conservative balance sheets. The firm runs concentrated portfolios and maintains long holding periods, typically avoiding frequent trading. It avoids speculative resource stocks and highly leveraged companies. Valuation discipline dictates when the firm buys and sells, with analysts building proprietary financial models on every holding.

The founding principals serve as portfolio managers and make the final investment decisions. Each principal has more than two decades of experience in Australian equities, gained through previous senior roles at prominent Australian funds management and wealth advisory firms. The principals are supported by an internal team of research analysts who generate ideas and monitor existing holdings.

TMS Capital is fully employee-owned and has not taken any external private equity investment. The founding principals control the firm. This structure eliminates pressure to grow assets under management at the expense of existing client outcomes and aligns the firm's interests with long-term portfolio performance rather than distribution targets.

TMS Capital's core competency and primary focus is Australian-listed equities. The firm does not run dedicated international equity portfolios or fixed-income, private equity, or venture capital strategies. When a client requires exposure to other asset classes, TMS Capital coordinates with the client's external advisors — including tax professionals and estate planners — but does not directly manage those allocations.